Open In App

Founder of Samsung

Improve
Improve
Like Article
Like
Save
Share
Report

Samsung was founded by Ho-Am Byung-Chull Lee, also known as Lee Byung-Chull, on 1 March 1938. He was one of the richest & successful businessmen in South Korea and a pioneer who started modern entrepreneurship thus developing South Korea economically and taking the company to a height where no one could have imagined. 

About Samsung

One of the largest producers of electronics, Samsung was started as a grocery trading store but did not stop there. Byung-Chull did not want to be stuck in a single horizon but to specialize in a wide variety of electronics, including digital media devices, memory chips, appliances, integrated systems, etc. Apart from that the group also diversified into several sectors, including textile, retail, insurance, and food processing. After which they became a very known name in South Korea, as well as the complete world. Since its starting in the year 1938, the company has seen numerous changes and become a most trusted brand over the years. It has gone through numerous changes and thus, evolved into a complete technological hub. 

Founder of Samsung

Started as a simple grocery trading store, Samsung grew to become one of the biggest names in the business world. The name of the company originated from a Korean word meaning “Three Stars”. The first product which they started trading from was noodles and along with that, there were a few goods, which were produced in the city that were exported to China and its provinces. 

The first expansion of the company started after the Korean War, which was in the field of textile and Lee opened one of the largest woolen mills in Korea. His complete focus was on helping the country to redevelop after the war for which he started heavy industrialization. Lee’s good intentions and new protectionist policies by the government helped his business to flourish as it aimed to support large domestic conglomerates (chaebol) by providing them easy financing for their business. 

After this in the year 1950 three largest banks in Korea were acquired by Samsung along with insurance companies and firms which manufactured fertilizer and cement. After this, the company kept thriving and acquired numerous insurance companies, besides this, a departmental store, an oil refinery, and a nylon company. Till the 1970s, Lee expanded Samsung in various industries including textile, chemical, and petrochemical. In addition to these, the companies also launched new subsidiaries which included Samsung Shipbuilding, Samsung Heavy Industries, and Samsung Precision Company (Samsung Techwin).

Samsung is not just about heavy industries but also its electronics, which the company entered in the year 1969. The first electronic product which the company launched was a black and white television and in the late 1970s and 80s, the company expanded rapidly in the technology business. It also established the separate electronics branches along with an aerospace division in the year 1978. One of the biggest projects of Samsung Data Systems (now known as Samsung SDS) helped the company to become a leader in information technology services. 

By the year 1987 Samsung has attained the position of a global company but had lost its founder Lee Byung-Chull and he was succeeded by his son Lee Kun-Hee who took the company to different heights. However, the company launched many amazing products but its step into the world of mobile phones completely changed the statement. The Year 2000 witnessed the birth of Samsungs’s most praised product Samsung Galaxy Smartphone series

Samsung is not only limited to phones but they have now stepped into the making of home appliances, food preparation appliances, cleaning appliances, appliances for comfort, and many more. By capturing the complete market, Samsung has created a very vital position in every industry and will keep on doing that.  


Last Updated : 22 Sep, 2023
Like Article
Save Article
Previous
Next
Share your thoughts in the comments
Similar Reads